The transaction, expected to be completed in the first quarter of 2023, will see the transition of IFH president and CEO Eric Bergevin to join MVB Financial’s executive leadership team
MVB Financial entered agreement to acquire Integrated Financial Holdings. (Credit: Tumisu from Pixabay)
MVB Financial has agreed to acquire North Carolina-based financial services company Integrated Financial Holdings (IFH) in an all-stock transaction worth $98m.
Under the terms of the agreement, IFH shareholders are expected to receive $41.79 for each share of IFH common stock.
Following the transaction, IFH president and CEO Eric Bergevin will join MVB Financial’s executive leadership team reporting to MVB Financial CEO Larry Mazza.
IFH president and CEO Eric Bergevin said: “We are excited to embark on this strategic alliance with MVB to create what we believe will be an industry-leading juggernaut in government guaranteed lending.
“The merger represents two organisations with shared entrepreneurial-minded philosophies around the idea of synergy.”
The transaction, which has been said to be unanimously approved by the boards of directors of both companies, is expected to be completed in the first quarter of 2023.
Its closing is subject to customary closing conditions, including approvals from both the companies’ shareholders approval and other regulatory authorities.
IFH has five wholly-owned subsidiaries, namely, West Town Bank & Trust, Windsor Advantage, BA Loan Documentation Services, Glenwood Structured Finance and Patriarch.
West Town Bank & Trust had about $435m in total assets, including $326 million in loans and $334m in deposits.
Windsor is said to offer financial institutions a comprehensive outsourced SBA and USDA lending platform, servicing nearly $2.1bn in loans.
MVB Financial CEO Larry Mazza said: “MVB continues to focus on key growth initiatives as part of our MVB-F1: Success Loves Speed Strategic Plan. Even in wet track market conditions, MVB continues to be opportunistic and look for deals that make sense to our business model.
“This acquisition accelerates both our SBA and Strategic Lending Partnerships growth vehicles to the benefit of our clients and shareholders. Both strong companies on our own, together we become a national leader in government guaranteed lending, specifically SBA and USDA lending.”